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What is the value of my house?

  • April 21 2011 - Central Southwest
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Answers (3)

I would have to agree most part with Tony. The Home value changes depending on the purpose. For selling purpose, you have to consider both appraisal value and Market value comes from CMA for residential homes. For insurance, they consider replacement value or Actual cash value which is replacement value - depreciation.

Also there is difference between appraisal value from thirdparty appraiser who does it for loan purpose compared to tax purpose. Most of the tax appraiser seems be conservative and value doesn't reflect the right appraised value.

You cannot generalize the term Home value because it varies.
  • May 05 2011
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A Realtor has the best answer, give one a call
  • April 22 2011
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There are many different types of values that can be placed on a house.  For example what it cost to rebuild is a value that an insurance company would place on the house.  Also the appraised value is a value that the county appraisal district places on your house to determine how much they are going to charge you on taxes each year.

Then there is Market Value.  Market Value is what a seller is willing to sell and what a buyer is willing to pay for a house.  The way a real estate agent gets the Market Value for a house is by going on the Multiple Listing Service (MLS) and pull homes that sold in the last 6 months and that are similar to your current house.  This is called a Comparative Marketing Analysis (CMA).

A CMA is what real estate agents use to determine market value and to determine the list price of the home.  This is very important because you want to price your house right so that your house will sell and so that it will not expire. 

If you have any additional questions feel free to contact me.

Tonya Byrd – REALTOR ®

tonya@tonyabyrd.com

281-865-5489

  • April 21 2011
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